MTI to release advance 3Q GDP estimates on Oct 13; strong growth may trigger policy shift, says Maybank

SINGAPORE (Oct 6): The Ministry of Trade and Industry announced it will release the advance estimates for growth in Singapore's gross domestic product (GDP) in the third quarter of this year at 8am on Oct 13. It will also release its biannual monetary policy decision on the same day.

In a Thursday report, Maybank Kim Eng expects third quarter GDP growth to come in close to 4% on a year-on-year basis as manufacturing accelerated 20% for the July-August period. Services growth likely picked up further with the recovery broadening, particularly to financial, business and wholesale & retail trade.

With 3Q GDP growth near 4% and first half GDP growth at 2.7%, full year GDP growth may well exceed the government’s 2-3% forecast and Maybank’s GDP point forecast of 3%. Recent Sept PMI also remained strong, climbing to 6 to 7 year highs for both overall and electronics readings.

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